Apple turns in sparkling results as warm-up act

The U.S. tech group has shown an impressive ability to generate profit from designing iconic devices. This quarter was no different. Free cash flow rose nearly 50 pct. Now for the next difficult trick: unveiling a tablet in two days that meets the hopes of users and investors.

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Apple reported revenue of $15.7 billion in the quarter ending Dec. 26. This is an increase of 32 percent from the same quarter last year. Earnings at the U.S. tech company rose 47 percent over the same period, to $3.67 per share. Apple now recognizes most revenue and profit from iPhone sales immediately, instead of deferring the majority of these figures over eight quarters. In order to keep consistency, the firm revised its income statements over the past several quarters.

Apple sold 8.7 million iPhones in the quarter. That is twice as many as it did in the same period last year.

Apple is having a press event on Jan. 27, where the company is widely expected to unveil a new tabletsized electronic device.